Crypto Scam Losses Surge 66% to $9.3 Billion in 2024

The FBI’s Internet Crime Complaint Center (IC3) has released a report revealing a significant surge in crypto scam losses in the U.S. In 2024, Americans lost a staggering $9.3 billion to crypto fraud, marking a 66% increase from the $5.6 billion lost in 2023. This alarming trend underscores the growing sophistication and prevalence of crypto-related scams.

With over 140,000 complaints filed last year, authorities caution that the actual extent of losses may be even higher due to underreporting and outdated reporting systems. The report highlights that seniors aged 60 and above were particularly vulnerable, with 33,000 complaints from this demographic resulting in losses exceeding $2.8 billion. Scammers often target elderly individuals, exploiting their lack of familiarity with digital assets.

A major tactic employed by scammers is the use of crypto ATMs. In 2024, at least 2,700 senior citizens were tricked into withdrawing money from their bank or retirement accounts and sending it via crypto ATMs, leading to total losses of around $107 million. This method capitalizes on the ease of access and anonymity offered by crypto ATMs, making it a lucrative avenue for fraudsters.

Another significant driver of crypto scams is the proliferation of fake investment opportunities. The report reveals that Americans lost over $1.6 billion in 2024 to fraudulent schemes that promised high returns from nonexistent or high-risk crypto projects. These scams often lure victims with the promise of quick and substantial profits, preying on their desire for financial gain.

In response to the escalating threat, the FBI urges the public to remain vigilant and cautious. The agency advises individuals to avoid unsolicited investment offers and to report any suspicious crypto activity. The bottom line, according to the FBI, is that if an investment opportunity sounds too good to be true, it probably is. By staying informed and alert, individuals can better protect themselves from falling victim to these increasingly sophisticated scams.